T. Rowe Price Investment Management Inc. Purchases 1,889,283 Shares of nCino, Inc. (NASDAQ:NCNO)

T. Rowe Price Investment Management Inc. increased its position in shares of nCino, Inc. (NASDAQ:NCNO) by 139.8% during the fourth quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 3,241,017 shares of the company’s stock after acquiring an additional 1,889,283 shares during the period. T. Rowe Price Investment Management Inc. owned about 2.80% of nCino worth $108,834,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also bought and sold shares of the company. Fifth Third Bancorp acquired a new stake in nCino during the 4th quarter worth approximately $34,000. Hilltop National Bank bought a new position in shares of nCino during the fourth quarter valued at $37,000. Asset Management One Co. Ltd. lifted its holdings in shares of nCino by 16.5% during the fourth quarter. Asset Management One Co. Ltd. now owns 2,279 shares of the company’s stock worth $78,000 after purchasing an additional 323 shares during the period. PNC Financial Services Group Inc. grew its stake in shares of nCino by 32.9% in the fourth quarter. PNC Financial Services Group Inc. now owns 4,536 shares of the company’s stock worth $152,000 after purchasing an additional 1,122 shares during the last quarter. Finally, Sanctuary Advisors LLC acquired a new stake in nCino in the third quarter valued at $189,000. Institutional investors and hedge funds own 94.76% of the company’s stock.

Insider Activity at nCino

In other news, CEO Sean Desmond sold 5,034 shares of the business’s stock in a transaction that occurred on Tuesday, February 4th. The stock was sold at an average price of $32.60, for a total value of $164,108.40. Following the transaction, the chief executive officer now owns 306,477 shares in the company, valued at $9,991,150.20. The trade was a 1.62 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Gregory Orenstein sold 5,148 shares of the stock in a transaction that occurred on Tuesday, February 4th. The shares were sold at an average price of $32.60, for a total value of $167,824.80. Following the sale, the chief financial officer now directly owns 271,744 shares of the company’s stock, valued at $8,858,854.40. The trade was a 1.86 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last three months, insiders sold 110,012 shares of company stock valued at $2,694,676. 28.40% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NCNO shares. Piper Sandler reduced their price target on nCino from $28.00 to $25.00 and set a “neutral” rating on the stock in a research report on Wednesday. William Blair downgraded shares of nCino from an “outperform” rating to a “market perform” rating in a research report on Wednesday, April 2nd. Truist Financial downgraded shares of nCino from a “buy” rating to a “hold” rating and dropped their price target for the stock from $44.00 to $21.00 in a research report on Wednesday, April 2nd. UBS Group set a $40.00 price objective on shares of nCino in a research report on Friday, March 28th. Finally, Scotiabank reissued a “sector perform” rating and set a $19.00 target price (down previously from $35.00) on shares of nCino in a research note on Wednesday, April 2nd. Ten equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $30.40.

nCino Stock Up 1.7 %

Shares of NASDAQ:NCNO opened at $23.18 on Friday. The firm has a market cap of $2.70 billion, a P/E ratio of -136.34, a PEG ratio of 5.77 and a beta of 0.69. nCino, Inc. has a 52-week low of $18.75 and a 52-week high of $43.20. The business’s 50 day simple moving average is $27.30 and its two-hundred day simple moving average is $33.15. The company has a debt-to-equity ratio of 0.20, a quick ratio of 1.95 and a current ratio of 1.95.

nCino (NASDAQ:NCNO) last posted its quarterly earnings results on Tuesday, April 1st. The company reported $0.12 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.18 by ($0.06). nCino had a negative net margin of 3.46% and a positive return on equity of 1.62%. The business had revenue of $141.37 million during the quarter, compared to analyst estimates of $140.81 million. During the same period in the previous year, the business posted $0.21 EPS. The business’s revenue for the quarter was up 14.3% compared to the same quarter last year. As a group, research analysts forecast that nCino, Inc. will post 0.12 EPS for the current fiscal year.

nCino announced that its Board of Directors has approved a share buyback plan on Tuesday, April 1st that allows the company to buyback $100.00 million in outstanding shares. This buyback authorization allows the company to purchase up to 3.1% of its stock through open market purchases. Stock buyback plans are generally a sign that the company’s management believes its stock is undervalued.

About nCino

nCino, Inc, a software-as-a-service company, provides cloud-based software applications to financial institutions in the United States and internationally. Its nCino Bank Operating System connects financial institution employees, clients and third parties on a single cloud-based platform which include client onboarding, deposit account opening, loan origination, end-to-end mortgage suite, and powerful ecosystem.